"Phase one" of the trade agreement between the U.S. and China could be a done deal soon, according to President Trump, who spoke to the Economic Club of New York on Tuesday. 

During the speech, the president said that no one had manipulated the U.S. more than China, while also saying that no one has cheated more than China.

"They are dying to make a deal. We're close. A significant 'phase one' trade deal with China could happen soon," Trump said. "The theft of American jobs and American wealth is over, they understand that."

But China wasn't the only economic superpower treating the U.S. unfairly, according to Trump.

Trump said that in many ways the economic barriers put up by the European Union were worse than those put up by China. 

Trump, however, seemed to extend an olive branch to China as the sins of the world's second-largest economy seemed to be water under the bridge to the U.S. president. 

Markets had a muted response to Trump's speech since investors have heard before that China and the U.S. were close to an agreement.

"We want to see the ink dry before we're convinced the tariff picture really has changed, given the recent history of excitement followed by disappointment over the trade war," said Ian Shepherdson of Pantheon Macroeconomics, ahead of Trump's speech.

"But the odds on something good happening appear better now than at any time since late April, when Treasury Secretary Mnuchin claimed -- wrongly, it turned out -- that negotiations over a comprehensive deal were on the 'final laps,'" he added. "This time, with a much less ambitious set of proposals, the chance of getting over the finish line is much better."

The president also took aim at the Federal Reserve in his speech, admonishing the central bank for not following the lead of European rivals by moving to negative interest rates. 

"It puts us at a competitive disadvantage to other countries," Trump said.